Daily Archives: June 6, 2021

Only 24.29% of discovered oil in Nigeria is producing – FG

The Federal Government has disclosed that out of 7,000 oil reserves that have been discovered in the country, only 1,700, about 24.29 per cent of the reserves are currently producing crude oil. The government disclosed this in Abuja through its Department of Petroleum Resources.

Sun Trust Bank launches ‘Women In Fashion’ product … Beneficiaries laud bank’s initiative

SunTrust Bank Nigeria Limited, has designed a loan package which helps Small and Medium Enterprises (SMEs) customers meet their financial challenges, known as Women In Fashion (WIF). This product is meant to support women in fashion business who make ready to wear cloths and interested in expanding their existing fashion businesses outside the shore of Nigeria.

Naira depreciates beyond ‘critical’ line N7 to N502/$ … Maintains dignity at NAFEX, appreciates N1.25

The naira for the first time descended to a new low of N502 to the United States dollar at the parallel market by N7 or 700 kobo last week. But the local currency maintained some dignity at the autonomous market where it appreciated N1.25 or 125 kobo to the dollar.

Nigeria consumes far more than produced, CA balance slumps to -$17bn … As Nigeria imports more refined crude products than export crude

Nigeria as a country spent far more than it produced, thus bringing down its Current Account (CA) balance to a negative of $17 billion, same as recorded the previous year, said the Balance of Payment (BoP) statistics of the Central Bank of Nigeria (CBN).
The implication is that, what Nigeria produced and exported to the world was far smaller than what it imported during the year ended 2020.